Thursday, 22 June, 2017

Gold regains 29K-mark, soars ₹ 450 on global cues

US stocks post solid gains after US Fed hikes interest rates Gold regains 29K-mark, soars ₹ 450 on global cues
Howard Terry | 19 March, 2017, 00:42

The U.S. central bank raised rates on Wednesday as expected, but left its earlier forecast of three rate increases this year unchanged, disappointing some investors who had hoped for hints of a possible fourth hike in 2017. Sydney ticked up 0.2 percent and Singapore was 0.8 percent higher, while there were also big gains in Wellington, Taipei, Jakarta and Manila.

Expectations are such that markets will react badly if Fed chief Janet Yellen fails to deliver on a 0.25-point rate rise, or even if she signals too much Fed caution moving forward.

In late morning trading, the dollar index, which measures the greenback against a basket of six major rivals, slipped 0.1 percent to 100.25, after earlier falling to a five-week low.

Spot gold gained 0.7 percent at $1,227.43 an ounce by 3:03 p.m. EDT (1903 GMT), after touching $1,233.13, the highest since March 6.

Precious metals prices climbed on Thursday to their highest level in over a week after the United States central bank signalled only gradual rate tightening and the dollar slid to its lowest in five weeks.

USA 30-year bonds fell 19/32 in price, and yields rose to 3.134 percent from 3.102 percent.

The Dow Jones Industrial Average slipped 0.1% to close at 20,937.82.

Nevertheless, since the start of the year investors have traded French government debt at a heavier discount from ultrasafe German bonds, which means they are still distrustful of polls after last year's decision by Britain to leave the European Union and Donald Trump's victory in the USA, both of which came as a surprise.

Dutch Prime Minister Mark Rutte's party won a parliamentary election victory over anti-Islam lawmaker Geert Wilders. With evidence building that wages and consumer spending are finally slowing, however, money market pricing has pointed to there being little chance of the bank raising rates to cool an economy at a time when political risks to growth are rising.

ASIA'S DAY: Tokyo's Nikkei 225 index rose 0.1%, Hong Kong's Hang Seng leaped 2.1%, and Seoul's Kospi rose 0.8%. With the Fed policy meeting out of the way, investors are now focused on the G20 financial leaders in Baden Baden starting later on Friday. Groundbreaking for new homes rose 3% to a seasonally adjusted 1.288 million units.

The April crude contract was down one cent at US$48.74 per barrel and April natural gas contracts rose four cents at US$2.94 per mmBTU.

"Gold, copper and oil all rallied as the dollar dropped". The precious metals had lost ₹ 400 in last two days.

The pound dipped against the euro this week as the Brexit bill allowing the Government to trigger Article 50 passed through the Houses of Parliament with no amendments.

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